Financial Performance - Revenue for the six months ended June 30, 2021, was HKD 112.83 million, an increase of 36.7% compared to HKD 82.53 million in the same period of 2020[14] - Gross profit for the same period was HKD 29.56 million, representing a gross margin of 26.2%, up from HKD 22.68 million in 2020[14] - The net profit for the period was HKD 10.10 million, compared to a net loss of HKD 2.14 million in the previous year, marking a significant turnaround[14] - Basic earnings per share for the period was HKD 1.35, compared to a loss per share of HKD 0.73 in 2020[14] - Total comprehensive income for the six months ended June 30, 2021, was HKD 10,099,000, reflecting a significant recovery from a total comprehensive loss of HKD 2,137,000 in the previous year[22] - The net profit turned from a loss of approximately HKD 2.1 million to a profit of approximately HKD 10.1 million, attributed to sales of handbags and wellness products[67] - The profit attributable to the company's owners was approximately HKD 9.6 million, a 694.3% increase from a loss of approximately HKD 1.6 million in the same period last year[88] Assets and Liabilities - Total assets as of June 30, 2021, were HKD 135.99 million, slightly down from HKD 137.47 million at the end of 2020[20] - Current liabilities decreased to HKD 33.48 million from HKD 43.00 million at the end of 2020, indicating improved liquidity[20] - The company reported a total equity of HKD 122.65 million, an increase from HKD 112.55 million at the end of 2020[20] - The company had a cash balance of HKD 46,777,000 at the end of June 30, 2021, down from HKD 67,576,000 at the beginning of the period[27] - As of June 30, 2021, the total cash and cash equivalents, total liabilities, and shareholders' equity were approximately HKD 46.8 million, HKD 42.8 million, and HKD 122.7 million respectively, compared to HKD 67.6 million, HKD 53.4 million, and HKD 112.6 million as of December 31, 2020[23] Market and Sales - Revenue from external customers for the six months ended June 30, 2021, was HKD 112,827,000, compared to HKD 82,530,000 for the same period in 2020, indicating a growth of approximately 36.7%[38] - Revenue from the Hong Kong market rose by 39% to approximately HKD 110.8 million, driven by six "Milan Station" retail stores and nine "THANN" retail stores[68] - Handbags accounted for over 77% of total revenue, with sales from unused products rising to approximately HKD 87.3 million, up from approximately HKD 62.6 million[73] - Revenue from the Hong Kong market reached approximately HKD 110.8 million, representing about 98.2% of total revenue, while Macau revenue decreased by 28.6% to approximately HKD 2 million[73] Expenses and Costs - Total operating expenses, excluding directors' remuneration, increased to HKD 11,500,000 for the six months ended June 30, 2021, from HKD 8,453,000 in 2020, representing a 36.2% increase[43] - Cost of sales was approximately HKD 83.3 million, a 39.1% increase compared to the previous year, aligning with the revenue increase[77] - Selling expenses amounted to approximately HKD 17.3 million, accounting for 15.3% of revenue, an increase from 17.3% in the previous year[84] - Administrative and other operating expenses were approximately HKD 13 million, representing 11.5% of revenue, an increase of about HKD 1 million from the previous year[85] Cash Flow and Investments - The company’s operating cash flow for the six months ended June 30, 2021, was a net outflow of HKD 15,292,000, compared to an inflow of HKD 10,699,000 in the same period of 2020[27] - The group recognized government subsidies related to Covid-19 amounting to HKD 100,000 for the six months ended June 30, 2021, down from HKD 1,399,000 in the same period of 2020[41] - The group held significant investments with a fair value of HKD 18.57 million as of June 30, 2021, which accounted for approximately 11.3% of total assets[99] - The group reported a fair value gain of HKD 4.09 million on investments during the first half of 2021[99] Future Outlook and Strategy - The company plans to continue expanding its market presence and developing new products to drive future growth[14] - The management expressed optimism about future performance, citing a strong recovery in consumer demand post-pandemic[14] - The management anticipates a rebound in local consumption due to declining unemployment rates and increased vaccination rates, despite uncertainties from geopolitical tensions and the Delta variant[100] - The group continues to focus on cost control and has opened new stores at lower rents in better locations[71] Governance and Compliance - The company has complied with all applicable provisions of the Corporate Governance Code during the reporting period[113] - The Audit Committee reviewed the financial statements for the six months ended June 30, 2021, discussing audit, risk management, and internal control matters[116] - The company has established a formal whistleblowing policy to encourage employees to report concerns without fear of retaliation[120] - The Board confirmed the effectiveness of the risk management and internal control systems as of June 30, 2021[120]
米兰站(01150) - 2021 - 中期财报